RTRS: NYMEX-Crude slips after surge as dollar bounces
NEW YORK, Oct 22 (Reuters) - U.S. crude oil futures dipped
on Thursday, pressured by a dollar bounce and an unexpected
rise in jobless claims, tempering oil futures after their surge
to $82 a barrel on Wednesday.
"Crude and products futures fell in heavy overnight volume
as the dollar strengthened against the euro," Addison
Armstrong, analyst at Tradition Energy in Stamford,
Connecticut, said in a note.
Crude futures' slip came after Wednesday's surge to $82 a
barrel, the highest since Oct. 14, 2008, when oil hit $84.83.
Wednesday's lift was provided by a weak dollar and
government oil inventory data showing a sharp drop in gasoline
supplies and a smaller-than-expected rise in crude oil stocks.
For a report on U.S. inventory data, click on [EIA/S]
The dollar rose broadly on Thursday, recovering from
14-month lows versus the euro and a currency basket. [USD/]
The number of U.S. workers filing new claims for
unemployment benefits rose more than expected last week, data
showed on Thursday. [ID:nN22534549]
U.S. stocks opened mixed on Thursday after jobless claims
data and a slew of big corporate earnings reports. [.N]
PRICES
* On the New York Mercantile Exchange, at 9:58 a.m. EDT
(1358 GMT), December crude CLZ9 was down 75 cents, or 0.92
percent, at $80.62 a barrel, trading from $79.90 to $81.50.
* In London, December Brent crude LCOZ9 fell 58 cents, or
0.73 percent, to $79.11 a barrel, trading from $78.35 to
$79.93.
* NYMEX November RBOB RBX9 fell 2.53 cents, or 1.23
percent, to $2.0290 a gallon, trading from $2.0191 to $2.0515.
* NYMEX November heating oil HOX9 fell 0.84 cent, or 0.4
percent, to $2.0969 a gallon, trading from $2.0745 to $2.1107.
* The December/December RBOB crack spread <0#RB-CL=R> was
at $5.03, after ending at $5.38 on Wednesday. The
December/December heating oil crack spread <0#CL-HO=R> was at
$8.36, after ending at $8.28 on Wednesday.
* The spread between the current front month and the
five-year forward crude contract CLc61 was at $11.82, based
on the December 2014 contract Wednesday settlement at $92.44.
The spread ended Wednesday at $11.07.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $77.14/$73.24
Technical support/resistance:
NYMEX crude: $77.64/$82.00
NYMEX heating oil: $2.0618/$2.1488
NYMEX RBOB: $2.0075/$2.1011
MARKET NEWS
* U.S. Energy Information Administration natural gas
storage data is due Wednesday at 10:30 a.m. EDT (1430 GMT). The
Reuters analyst survey expected an 18 billion cubic feet rise.
* Valero Energy Corp (VLO.N) said a hydrocracker unit at
its Corpus Christi, Texas, refinery was nearing planned rates.
[ID:nN22542591]
* U.S. highway travel was up 0.7 percent in August from a
year earlier, rising 1.9 billion miles to 259 billion miles,
the U.S. Transportation Department said. [ID:nN22541473]
* OPEC would boost output targets at its December meeting
if global oil inventories fall back and the world economy
recovers more, OPEC's Secretary-General said. [ID:nLM539505]
* A senior Iranian lawmaker rejected on Thursday the idea
of sending low-enriched uranium abroad for further processing,
casting doubt on a proposal aimed at easing international
tension over Tehran's nuclear program. [ID:nLM624952]
* U.S. Northeast temperatures are expected to average above
normal Thursday, then below normal through Sunday before
returning to near normal in the six- to 10-day outlook, private
forecaster DTN Meteorlogix said.